Tesla on credit report

[Cee J]

I just got a Tesla in California, I’m wondering how long it takes to go on my credit report because I’m currently in escrow??

 

[jjrandorin]

I just got a Tesla in California, I’m wondering how long it takes to go on my credit report because I’m currently in escrow??

They will see the application and approval for credit now, and likely ask you about it if it changes your debt to income ratio enough for them to care.

Translation, its already too late for you to be worried about that, the time to be concerned about that is before you buy the car, or go into escrow. Conventional wisdom will tell you that if you are buying a home, you should not be buying a car at the same time (or otherwise changing your credit profile).

In actuality, it doesnt impact everyone.. but it certainly can chance your debt to income ratio.

It may take 60 days or more for the loan to show up on your credit score, but the application for credit is already there now.

 

[Cee J]

Thanks for stating the obvious but the car came earlier than advertised.

 

[jjrandorin]

Thanks for stating the obvious but the car came earlier than advertised.

The obvious meaning what.. .that the credit app and approval is already there on your credit report? I thought you were asking about that, sorry I mis understood.

 

[The Other Dan]

Depends on the bank for the car, and the credit bureau. May take longer to appear on one vs the other. I have a loan for a motorcycle that has yet to appear on one credit report. It's been almost 3 years.

Doesn't help with mortgages though, they will pull all 3 during underwriting, and may pull them again just before closing.

 

[AdamVIP]

If you've signed the papers its safe to assume it is on your credit report. As others have said your credit report should already show your credit check for the car loan. Credit checks stay on your report for 2 years. They want you to have zero so any technically hurt but they are very low impact compared to the other categories. The loan will stay on your report until paid and then it will be moved to the closed accounts section.

EDIT: This is anecdotal but I just checked mine and I activated the loan on 9/14 and it showed on my credit report 9/29. The credit check for the loan was done on 9/12 and showed the same day.

 

[pdxjames]

I'm a mortgage broker. It is standard that the borrower signs a form at closing confirming the debt shown on the credit report is their ONLY debt. I would let your loan officer know so everyone can be proactive vs. reactive. Many lenders pull a credit refresh right before closing (not all, but some) and if that inquiry or new account shows up, the file would likely have to go back through underwriting, which could delay the closing.